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What the Fed’s rate hike means for your wallet: Quarter-point increase will add $1.7 billion to US credit card bills over the next year

  • Fed on Wednesday raised its benchmark interest rate by a quarter point
  • People with variable-rate credit cards or loans could see higher payments
  • The increase is largely already priced in to mortgages, which dropped this week 


The Federal Reserve‘s latest interest rate hike could mean higher borrowing costs for some consumers, especially those carrying large credit card debt.

The Fed on Wednesday boosted its benchmark rate a quarter percentage point, to a range of 4.75 percent to 5 percent, its highest level in 16 years and up from near zero a year ago.

Though it’s a smaller increase than other recent hikes intended to fight inflation, the move will further increase borrowing costs for families and businesses.

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